On or about 22 August 2019, the Inland Revenue Authority of Singapore (IRAS) has released the second edition of the e-Tax guide on GST: Taxing imported services by way of reverse charge. It replaces the first edition published on 4 February 2019.
The e-Tax Guide incorporates the following updates:
- Amended the definition of taxable supplies for performing De Minimis test
- Amended businesses that make non-regulation 33 exempt supplies but are entitled to full input tax credit
- Amended transfer pricing adjustment with no financial settlement
- Inserted a note on the relevant 12-month period for prospective registration liability occurring before 1 Jan 2020
- Amended content on GST F5 return for reporting of imported services subject to reverse charge
- Amended content on GST F5 return for reporting adjustments for unpaid reverse charge transactions
- • New footnote on the input tax recovery rate to be applied on a subsequent repayment of a reverse charge transaction
- Amended the rules for reverse charge transactions straddling 1 Jan 2020
- Amended S-REITs, S-RBTs and SPVs’ registration liability, GST remission on other supplies and reporting requirements
- New additions for qualifying funds’ registration liability, GST remission on other supplies and reporting requirements
- New adjustment of input tax when a GST-registered person determines he is not required to apply RC for a longer period
- New additions on benefits and qualifying conditions for Pay-Only GST RC Group
- Amended S/N 27 and 34 of Annex B on director fee and overseas representative office’s expenses
- Amended Annexes D and E on the rules for transactions straddling 1 Jan 2020 with suppliers’ invoices issued on/after 1 Jan 2020
- Other editorial changes
For more information, please visit the IRAS website.
Source: IRAS website, 22 August 2019.